The Following Selected Amounts Were Extracted from the Financial Statements

question 116

Essay

The following selected amounts were extracted from the financial statements of Flamingo Corporation.
$$\begin{array} { |l c c c c| } \hline & \text { Year 4 } & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\\text { Net sales } & \$ 116.7 & \$ 113.3 & \$ 110.0 & \$ 100.0 \\\text { Cost of goods sold } & 117.2 & 112.4 & 108.1 & 100.0 \\\text { Gross margin } & 115.8 & 114.9 & 113.2 & 100.0\\\hline\end{array}$$
Prepare a trend analysis for net sales,cost of goods sold,and gross margin.(Round answers to the nearest tenth of 1 percent.)Use Year 1 as the base year.